Aviva is launching an industry-first subscription-style insurance product, designed to address consumer concerns with the industry and give UK customers more control.
AvivaPlus offers simple, flexible insurance cover, monthly payments with no APR, no charges to cancel or change and a renewal price guarantee for home and car insurance.
A key feature of AvivaPlus is the renewal price guarantee, which is aimed at addressing price differences between new and existing customers. The guarantee ensures existing customers are offered the same or an even better price than an equivalent new customer at their next renewal.
consumers view price disparity as one of the most unfair practices of the insurance industry.1
AvivaPlus will be rolled out over the next few weeks and will be available to new and existing UK customers who buy directly from Aviva, via aviva.co.uk, MyAviva, the online customer portal or contact centres.
We recognise that consumers want the insurance industry to listen to them so we’ve worked with thousands of customers to understand how insurance could better meet their needs and provide the flexibility they want for their modern lives.
AvivaPlus is a reinvention of insurance, which has been developed and tested with customers’ needs at the centre, and it’s now starting to roll out alongside our existing products. Like subscription services, it’s designed to make it easy for customers to change their cover as often as they want without incurring charges.
Importantly, AvivaPlus addresses price disparity, regarded by an overwhelming majority (82%) of consumers as one of the most unfair practices of the insurance industry. With our renewal price guarantee, which ensures existing customers are offered the same or an even better price than an equivalent new customer, we’re creating a level playing field for new and existing customers.
Initially, customers will be able to buy AvivaPlus home or car insurance, with three tiers of cover so customers can choose the level and price that suits their needs. The products have been simplified, and it is easier for customers to check their level of cover and switch between the tiers. Customers who buy home and car insurance together can benefit from a single renewal date as well as a multi-product discount.
AvivaPlus is a significant milestone in our ongoing digital strategy which, through our commitment and investment in innovation, is making things more convenient, easier and quicker for our customers.
It’s a continuation of our journey and it represents a step change in how we’ll offer products to our customers in future.
The new product also features an easier customer journey, with the number of questions asked during the quote and claims processes cut and the language simplified to ensure that customers can claim and interact with Aviva quickly and easily.
Other key benefits include:
- Renewal price guarantee2
- Pay monthly with no interest
- No fees to change or cancel policies
- Simple quote journey with few questions
- Three simple product tiers, which can be tailored to customer
- Simplified language
- Quick claims decision on electrical items under £2,0003
Blair Turnbull added: “This is just the beginning. AvivaPlus is leading the way to help rebuild consumer trust and confidence. Over time we plan to add other types of insurance to AvivaPlus, as well as more features and reward benefits.”
1 Research conducted with 2,000 consumers for Aviva by Censuswide in October 2018.
2 Based on a new like-for-like home or car quote, calculated the same day as your renewal invite. Excludes offers to existing Aviva customers.
3 Electrical items (such as mobiles, laptops) under £2,000. Single item, accidental damage claims only and max one claim in 24 hours.
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Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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